What's Happening in the Cobb County Housing Market?

Is Now a Good Time to Sell Your House?

If you've been thinking about selling your house in Cobb County, this might be the right time. Why? Because we are in a seller's market. This means houses are being sold quickly and for high prices. In fact, compared to last year, houses are selling at prices 2.5% higher!

How Much is Your House Worth Now?

You might be surprised to learn that the average value of a house has gone up quite a bit. Right now, here's what you can expect for different house sizes in Cobb County:

• 1 Bedroom: $210,000 (8.7% more than last year)
• 2 Bedrooms: $267,000 (6.8% more)
• 3 Bedrooms: $351,600 (1.9% more)
• 4 Bedrooms: $463,900 (4.9% more)
• 5+ Bedrooms: $665,500 (6.3% more)

What Does High Mortgage Rates Mean for You?

Even though mortgage rates are high now, your house's increased value could be a big help. This is thanks to something called "equity", which is the part of your house you fully own - its value minus what you still owe on your loan. Many people in the U.S. now have about $290,000 in equity because house prices have risen a lot recently.

You can use this equity in two big ways when you move:

1. Buy a house with cash: If you have a lot of equity, you might not need a new loan to buy your next house, saving you from high-interest rates.
2. Bigger down payment: Using your equity for a big down payment can mean you don't have to borrow as much, possibly getting you a lower interest rate.

Tips for Buying a House in Cobb County

Even though it's a seller's market, there are still good deals to be found for buyers. Here are some quick facts about the current market:

• There are 3,363 homes available right now.
• In August, 1,065 homes were sold, 3.3% more than in July.
• Many houses (40%) sold below the asking price last month.
• Houses are selling in about 22 days on average, which is a bit slower than the 16 days we saw last year.

So, if you're looking to buy, be ready to make a quick move to snag a great deal. Talk to a real estate expert to know exactly how much you can afford and to get help finding the best deals.